FAQ
Museum, Corporate, University & Private Client Services ...
when will I need an Apprisal?
There are several types of appraisals which we offer, read about them below
What Types of Appraisals are there?
Appraisals are a necessity both personally and legally in today’s complicated world ...
Who needs an Appraisal?
'INSURANCE APPRAISALS: Insurance appraisals provide essential documentation to verify your belongings' existence, condition, and replacement value. It is advisable to have an update performed every five to ten years or before a planned household move.
RESALE APPRAISALS: This appraisal will provide the necessary documentation of fair market value, ensuring that all parties involved are informed about the personal property. Although Heritage Appraisals does not buy or sell items to avoid any conflict of interest, we can provide the client with a list of reputable auction houses, brokerage firms, consignment shops, and estate dealers who have a strong background in handling such items. This will assist in the sale process. From there, the client can decide how to proceed and whom they would like to work with.
CHARITABLE CONTRIBUTION/DONATION APPRAISALS: The IRS recommends this appraisal to support a tax deduction over $500; however, it is mandatory for donations above $5,000 to a charitable organization or institution.
PRE-MOVE APPRAISALS: Because moving companies offer limited protection against damage or loss, it is important to obtain an appraisal for your high-value items. This appraisal will provide a detailed inventory that supports those items' higher value and existence. It can also help you secure the additional insurance you may need.
EQUITABLE DISTRIBUTION APPRAISALS: This appraisal is utilized during a divorce or estate settlement to ensure a fair distribution of property.
ESTATE APPRAISALS: This appraisal is required for taxable estates, litigation, and probate. It is essential to accurately document the property by providing an appraisal that complies with IRS and legal standards.
TRUST OR WILL APPRAISALS: This appraisal should be attached to the trust or will, and a copy should also be given to the trust attorney, who has knowledge of the property and is aware of who is to inherit each item.
What types of Appraisals are there?
Museum, Corporate, University & Private Client Services
• Personal Records
• Insurance Coverage
• Damage Claims
• Resale Function
• Charitable Contribution/Donation
• Tax Deductible Gifts
• Divorce Settlements
• Equitable Distribution & Dissolution
• Estate, Will & Trust Planning
• Estate Evaluations
• Estate Probate Tax
• Litigation Support
• Investment Evaluations
• Appraisal Review
• Consultation Services
When Will I need an appraisal?
Appraisers estimate/determine the value of items by considering various factors...
how does an appraiser estimate or determine the value of an item?
The type of value used in your appraisal report will be determined by the appraiser...
Why are there various "types" of values?
Two types that we will cover are restricted-use appraisal report and appraisal report
What styles of appraisals are there?
Restricted-Use Appraisal Report: Provided when the intended users do NOT include parties other than the client.
Appraisal Report: Provided when intended users include MULTIPLE parties in addition to the client, such as the Federal Government, Estate functions, etc.
WHAT STYLES OF APPRAISALS ARE THERE?
The type of value used in your appraisal report will be determined by the appraiser. This value is based on the specific purpose of the report, which may include insurance coverage, estate evaluations, wills, trusts, equitable distribution, charitable contributions, resale, divorce, bankruptcy, or general knowledge.
During the initial consultation, the appraiser will discuss the purpose of the appraisal report with you and explain the different types of reports and values. They will help you understand which type of report is best suited for your needs.
WHY ARE THERE VARIOUS “TYPES” OF VALUES?
Appraisers estimate/determine the value of items by considering various factors. They assess and analyze numerous market sources relevant to each item in both primary and secondary markets, depending on the type of value or report needed. The appraiser examines each comparable item for similarities in characteristics, such as artist/designer, subject, size, condition, quality, and market area. These comparable items are typically included in the report, allowing clients to review how the appraiser reached their conclusions and to gain a better understanding of the market perspective.
HOW DOES AN APPRAISER ESTIMATE OR DETERMINE THE VALUE OF AN ITEM?
Qualified Appraisers are generally affiliated and trained with one or more recognized appraisal...
The purpose of the (USPAP) is to promote and maintain a high level of public trust...
Has obtained an appraisal designation from a recognized professional appraisal organization...
what do the letters at the endof the Appraiser's name represent?
what is USPAP and why iss this important?
what constitutes a "qualified" Appraiser?
- Has obtained an appraisal designation from a recognized professional appraisal organization, demonstrating competency in valuing the type of property being appraised. Alternatively, the individual may have met certain minimum education and experience requirements or completed college or professional-level coursework relevant to the property being valued, and must have at least 2 years of experience in the business of buying, selling, or appraising such property.
- Regularly prepares appraisals for which they are compensated.
- States that they are qualified to conduct these types of appraisals
Excluded individuals include:
- The donor of the property or the taxpayer claiming the deduction.
- The donee (the recipient) of the property.
- A party involved in the transaction through which the donor acquired the property.
- Typically, a party to the transaction does not qualify to sign the Certification of Appraiser section. However, a person who sold, exchanged, or donated the property to the donor may sign the certification if the property is donated within two months of the date the donor acquired it, and the property’s appraised value does not exceed its acquisition price.
- Any person employed by, married to, or related to any of the above individuals, or anyone whose relationship to any of those involved in the donation could lead a reasonable person to question the appraiser's independence. Part III (Section B) of IRS Form 8283 lists individuals who cannot be qualified appraisers.
- An appraiser who regularly provides appraisals for any of the individuals listed above and who does not perform the majority of their appraisals for other clients during that tax year.
It is important to understand that intentionally overstating the value of the property may subject the appraiser to penalties for aiding and abetting an understatement of tax liability. The donor may also be liable for penalties for overstating the value of donated property.
WHAT CONSTITUTES A “QUALIFIED APPRAISER”?
The purpose of the Uniform Standards of Professional Appraisal Practice (USPAP) is to promote and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers. It is essential that appraisers develop and communicate their analyses, opinions and conclusions to intended users of their services in a manner that is meaningful and not misleading.
The Appraisal Standards Board promulgates USPAP for both appraisers and users of appraisal services. The appraiser’s responsibility is to protect the overall public trust and it is the importance of the role of the appraiser that places ethical obligations on those who serve in this capacity. USPAP reflects the current standards of the appraisal profession.
A well-constructed report can meet the requirements of being objective, complete, accurate and not misleading only if it reflects the uniqueness of each situation and presents arguments (either for or against a conclusion) in a well-written and convincing fashion.
Reports should include the following:
- Documentation of why the appraisal is being conducted (the intended use)
- What the appraiser is being asked to conclude (the objective)
- What conditions surround the appraisal that could affect the appraiser’s conclusions
- What approach to value/cost was used
- Complete descriptions
- Statements of condition
- Provenance (history of ownership), exhibitions and citations in literature
- Results of tests done for identification or authentication
- How value characteristics of the subject property compared with those of comparable properties
- What markets were explored and how were they analyzed
- Records of past sales of comparable property
- A reconciliation of data and a final value conclusion
WHAT IS USPAP AND WHY IS THIS IMPORTANT?
There are many appraisal organizations, but below are the most commonly found in the personal property field:
- (ISA) – International Society of Appraisers
- (AAA) – Appraisers Association of America
- (ASA) – American Society of Appraisers
Among these organizations, there are member credential designations which are based on the appraiser’s education level and training.
Below are the designations for the International Society of Appraisers which Heritage Appraisals is affiliated:
- Member– ISA: Completed the core ISA training in appraisal theory, methodology, ethics and report-writing standards and has documented three or more years of market-related experience.
- Accredited Member– ISA AM: The official designation of a qualified ISA appraiser with a declared specialty and 700 documented hours of appraisal-related experience.
- Certified Member– ISA CAPP: The highest achievement in ISA credentialing and the appraisal industry, signifying appraising expertise, professional development and advanced skills. An ISA CAPP member has 900 documented hours of appraisal reporting and has passed the CAPP examination
WHAT DO THE LETTERS AT THE END OF THE APPRAISER’S NAME REPRESENT?
No, Heritage Appraisals does not offer any dealer services due to possible conflicts of interest...
Every insurance company operates differently. We recommend that before you begin...
No, appraisers are considered “identifiers” and are not the same as authenticators...
does heritage appraisals purchase, acution, or consign items?
how do I have my items insured after an appraisal?
does an appraisal report constitute an authentication?
Every insurance company operates differently. We recommend that before you begin the appraisal process, you contact your insurance company (if you already have one) to discuss their requirements and procedures regarding the insurance of your valuables. The way fine art, jewelry, and antiques are insured can vary significantly, and the coverage for these items may be much lower than their actual value if they are not individually scheduled.
Once you have all the necessary information from your insurance company, we can begin the appraisal process tailored to your needs. After the report is completed, you can send a copy to your insurance company to initiate the process of developing a coverage package for you. It's important to remember that even if you have an item appraised, you are not obligated to insure it. You can choose specific items from the report to insure and leave others unscheduled if you prefer. Many clients opt to have items appraised for personal knowledge—for themselves or their heirs—They may choose not to insure certain items due to lower values or a reduced concern, aiming to keep premiums lower.
If you do not currently have an insurance company or if your company does not provide coverage for such valuables, Heritage Appraisals can provide you with a list of nationally recognized insurance companies that offer comprehensive or umbrella coverage options. You can reach out to these companies directly to explore your options.
How do i have my items insured after an appraisal?
No, Heritage Appraisals does not offer any dealer services due to possible conflicts of interest. We provide resale appraisal reports for clients looking to sell their items. We can assist by supplying a list of recognized auction houses, brokerage firms, consignment shops, and estate sale representatives. Once the appraisal report is completed, you can contact these professionals directly to initiate the selling process. While we do not participate in this step, we aim to provide you with a detailed, comprehensive, and unbiased appraisal report that is a knowledgeable tool in the selling process.
does heritage appraisals purchase, auction, or consign items?
Condition plays a critical role in the value. Issues such as fading...
The timeline depends on the appraiser’s current workload...
An appraisal is a professional service that results in a written, signed report providing an expert...
what if my artwork is damaged?
how long does the appraisal process take?
what isan appraisal?
- Inspection and documentation of the object(s).
- Research and analysis of comparable market data, literature, and auction records.
- Consideration of market level (retail replacement, fair market, or liquidation value, depending on the intended use).
- A formal written report, which can be used for insurance coverage, estate settlement, charitable donation, divorce, or tax purposes to name a few.
What is an appraisal?
For example:
- Single items of jewelry or a painting may be completed within 1-2 weeks after the start date of your project.
- Medium-sized collections may take several weeks to allow for thorough research and report preparation.
- Large estates or institutional collections may require several months, especially if archival research or specialist consultation is necessary.
How long does the appraisal process take?
- Carefully document the extent and type of damage or repairs done with photographs and notes.
- Explain how the condition impacts value relative to undamaged examples.
- Recommend conservation or restoration services if appropriate and beneficial.
While some collectors accept condition issues, buyers typically pay a premium for works in original, well-preserved states. An appraisal ensures you understand how the condition affects both current and future marketability.
What if my artwork is damaged?
Jewelry valuation is a multi-step process that involves both gemological expertise and market...
A professional appraisal report is more than just a number...
Value in antiques is determined by a combination of attributes, including...
how do you determine the value of my jewelry?
what will I receive in my appraisal report?
what makes an antique valuable?
- Age: Older pieces often carry historical importance, though we always emphasize that age does NOT delineate value, as age usually brings with it condition issues.
- Maker/Origin: Items bearing a known maker’s mark or tied to a notable workshop, region, or style often command higher prices.
- Rarity: Uncommon forms, limited production runs, or unusual materials increase desirability.
- Craftsmanship: High-quality construction, detailed carving, or fine porcelain painting reflects artistry that enhances value.
- Provenance: A documented history of ownership, especially if linked to notable collectors or estates, increases prestige and market interest.
Collectors and museums prize pieces that combine these qualities, particularly when they remain in good, original condition.
What makes an antique valuable?
- Photographs of each item for identification and insurance records.
- Detailed written descriptions, including subject details, dimensions, materials, signatures, hallmarks, and condition.
- Research and comparables, referencing current market availability, auction records, and dealer sales.
- A defined scope and work, such as insurance replacement value, fair market value, or charitable contribution value.
- A signed conclusion of value, compliant with USPAP and suitable for submission to insurers, attorneys, accountants, or the IRS.
This ensures your appraisal is recognized and respected across professional and legal contexts.
What will I receive in my appraisal report?
- Carefully document the extent and type of damage or repairs done with photographs and notes.
- Explain how the condition impacts value relative to undamaged examples.
- Recommend conservation or restoration services if appropriate and beneficial.
While some collectors accept condition issues, buyers typically pay a premium for works in original, well-preserved states. An appraisal ensures you understand how the condition affects both current and future marketability.
How do you determine the value of my jewelry?
We recommend updating appraisals every 3–5 years, or sooner if...
No. An appraisal reflects value as of the date of inspection based on research...
how often should I update an appraisal?
is the value guaranteed if I try to sell?
However, actual sales results can vary depending on:
- Timing (seasonal demand, shifts in trends).
- Venue (retail, auction, dealer, or private sale).
- Buyer interest (sometimes, motivated collectors can push prices higher, but on the contrary, little interest or poor advertisement may result in a low selling price).
An insurance appraisal, for example, will not necessarily equal what a dealer would pay if you chose to sell. Our role is to clarify which market level is being applied and why.
Is the value guaranteed if I try to sell?
- The market shifts significantly (e.g., dramatic shifts in demand for gemstones, contemporary art, or certain collectibles).
- You acquire or sell major pieces in your collection.
- You experience a life event such as inheritance, downsizing, or divorce.
- Your insurer requires updated valuations for coverage renewal.
Regular updates protect you from being underinsured or having outdated values in legal or tax contexts.
How often should I update an appraisal?
More Questions?
If you have questions about appraisals, look no further! Our qualified appraisers specialize in fine art, all jewelry, sculpture, art glass, and antique appraisals. We hold certification through the International Society of Appraisers and comply with USPAP standards in not only Michigan but throughout all 50 states. We offer clear, detailed explanations for various types of appraisals, including insurance appraisals, trust appraisals, tax reports, and charitable donation reports.
